Your Congressman, My Home

By
Real Estate Agent with www.ExploreBeaufortRealEstate.com (Ballenger Realty) 27941

Many home owners are like voters. 

In the run-up to the 2008 Congressional elections, the nationwide approval rating for the U.S. Congress sunk into single digits. I don't know if that was an historic low, but I hate to think we've ever had a Congress whose approval rating was less than 9 percent. 

And, yet, on Nov. 4, more than 93 percent of U.S. Congressman and Senators running for re-election prevailed in their individual elections. In other words,  "Everyone else's Congressman is a bum......except mine."

This mentality can apply to homeowners, as well. A lot of you agents may have already seen the new 3rd Quarter Zillow study, which reveals that Americans overwhelming acknowledge the real estate downturn.  

Many just don't think it applies to them. 

In fact, 49 percent of American homeowners polled believe their home has either retained it's value or increased in value over the past year, according to the poll, which was conducted for Zillow by Harris Interactive.  This despite the fact 74 percent of homes nationwide lost value over the past 12 months, according to the Zillow study, released Nov. 12.

Moving forward, individual homeowners are equally as confident, with 61 percent believing their own home will retain its value, or increase in value, over the next six months. However, 57 percent of homeowners believe overall values in their individual markets will decrease over the next six months. 

And people think selling real estate is an easy way to earn a living.

I got out of the crystal ball business a long time ago, so I don't profess to know what is to come. I do know the market is tough right now. And I read an interesting question today, in regards to homeowners' confidence in their own home.

Is this optimism a good thing, which might kick start the market, or is it just something that is just going to lead to unrealistic expectations and Realtor teeth-gnashing over the next six months?

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Rainmaker
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Chris & Maria Skrip
RE/MAX 1st Advantage - Beaufort, SC
Beaufort, Bluffton, Hilton Head, Sun City SC

Interesting.  Chris and I were talking about the responsibility of the actual economy vs. the media perception (related to real estate).  You know it is an 'interesting market' when this is our discussioin on our way to work :>)

Nov 20, 2008 01:06 AM #1
Rainmaker
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Cherimie Crane
Cherimie Crane & Associates - Beaufort, SC

Another really great post Keith!

 

Nov 20, 2008 02:47 AM #2
Anonymous
Jennifer

Excellent points.  It is clear that home values have dropped, but some values were too high to begin with.  I know many people that got greedy when things were really good.  Those same people think their home has retained its value while everyone else's homes have dropped!  I am afraid that it is good old human nature with a big helping of greed thrown in!  

  I would still rather have my money in real estate than in the stock market~  It is definitely a good conversation starter... everyone has a story to tell!

Nov 20, 2008 07:24 AM #3
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Rainmaker
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Keith Strawn

www.ExploreBeaufortRealEstate.com
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